$MMM stated that
by 2020 it expects $500-700MM of operating income benefit through its business
transformation efforts, as well as $0.5Bil of working capital coming out of the
supply chain as a result of these efforts.

Following the passage
of the new tax legislation, $MMM recorded a net tax expense in 4Q17 of $762MM or
$1.25 per share resulting in GAAP EPS of $0.85. This net tax expense includes
the onetime transition tax on unremitted foreign earnings, as well as true-ups
of tax deferred assets and liabilities. Excluding this impact, 4Q17 EPS was $2.10.

$MMM reported a 54% decrease in 4Q17 earnings. Net income was $523MM
or $0.85 per share compared to $1.15Bil or $1.88 per share in 4Q16. The Tax
Cuts and Jobs Act resulted in a net tax expense in the quarter of $762MM or
$1.25 per share. Sales rose 9% to $8Bil from last year.

$MMM entered into agreements related to the sale of substantially all of its Communication Markets Division to Corning Incorporated, for $900MM. The sale is expected to be completed in 2018. $MMM expects to realize a gain of about $0.40 per share from this transaction, net of actions related to the divestiture.

$MMM appointed Kristen Ludgate as SVP, Corporate Communications and Enterprise Services, effective Jan. 1, 2018. Kristen will replace Kimberly Price, who has announced her intention to retire, effective March 1, 2018.

$JCI, which completed the sale of Scott Safety business to $MMM in Oct. 2017, reported 4Q17 net income of $875MM compared to a loss of $1.17Bil a year ago. GAAP EPS was $0.93 versus a loss of $1.61 per share. Sales of $8.1Bil increased 4% on a combined basis. On an adjusted basis, Johnson Controls earned $0.87 per share.

$MMM said the divestiture of the electronic monitoring business is expected to have a net positive impact of $0.12 to earnings in 4Q17. Meanwhile the Scott Safety income, net of acquisition and integration costs, is expected to reduce EPS by $0.08 during this period.

$MMM raised its guidance for FY17. The industrial giant now sees organic local-currency sales growth of 4-5%, higher than the previous guidance of 3-5%. 3M anticipates EPS of $9.00-9.10 per share during this period – up 10-12% YoY – vs the prior outlook of $8.80-9.05.

Sending shares up over 5%, $MMM reported a 6% increase in its 3Q17 sales to $8.2Bil. The sales hike was led by 13% gains in its Electronics and Energy segment, as well as a 6% sales growth in its largest unit, Industrial. Net income grew to $1.43Bil, or $2.33 per share, compared to $1.33Bil, or $2.15 per share in the same quarter last year.

$MMM announced the early tender results of its previously announced tender offers to purchase for cash up to $400MM aggregate principal amount of its 5.70% notes due 2037 and 6.375% debentures due 2028. The company said it has exercised its option to have an early settlement date on Oct. 6, 2017

$JCI has completed the previously announced sale of its Scott Safety business to $MMM for approx $2Bil. Net cash proceeds from the transaction were $1.9Bil, and will be used to repay a portion of Tyco International Holding Sarl's $4Bil of merger-related debt.

$MMM has completed the sale of its electronic monitoring business to funds advised by Apax Partners, a global private equity advisory firm, for approx $200MM, net of cash sold and closing adjustments. 3M will record about $0.12 per share benefit in 4Q17 from this divestiture.